UAE bank to appeal $250m GIH ruling

Dubai, July 21, 2010

Abu Dhabi-listed National Bank of Umm Al Qaiwain is to appeal against a Dubai court decision ordering it to pay $250 million to Kuwait's Global Investment House (GIH).

Global said on Monday that the court decision had gone in its favour over the sum, a deposit placed by the company with National Bank in August 2008.

The sum was paid by Global to National Bank as a deposit for a National Bank convertible bond issue. Global later cancelled the planned purchase, and wants the money back, but National Bank decided it was entitled to keep it.

"The bank declares that it shall study carefully the said judgement and the grounds on which it was based and shall exercise its legal rights by appealing the said judgement within the statutory time limit," said the bank, based in Umm Al-Quwain, one of the seven United Arab Emirates.-Reuters